Monday , March 27 2023

Alibaba sells $ 30 billion worth of products in China's "Black Friday"


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Jack Ma can no longer be president of Alibaba, but the global e-commerce giant does not make it less proud. The richest man in China – and one of the richest in the world – was present at the Singles Dai launch event, on the day the company delivers settlements and special offers for "singleton" customers. On November 11, the company's latest day was $ 30.8 billion, according to a company report.

A figure that is much higher than the Amazon Prime Dai value (about $ 4 billion) and expectations of black Friday (which happens next 23 and is expected to cost $ 14.05 billion) However, this is because Alibaba is based their numbers on the gross trade value index (GMV). There are two problems: the first is that there is no specific metrics for measuring the profitability of sales by goods; the second is that you can enter orders that have not yet been delivered within this indicator.

Alibaba promoted Day Singl on November 11: a special settlement day reportedly earned $ 30.8 billion in sales

In any case, so-called. Singles' Dai brought another billions to the Alibaba account, which, as in any case, started the Liquidation Festival with the right to VIP performances, such as pop star Mariah Carey and supermodel Miranda Kerr. Jack himself was present, but this time he did not give a speech.

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The success story of the Singles Daia comes amid worrying news about the Chinese market: according to Forbes, the country's economy is slowing down in several segments – and the US-led trade war has not helped much, given the recent position of President Donald Trump in taxing products imported from China. There is also concern that the Chinese government will implement yet more interventionist policies in industry, although it has been working for the past 30 years, experts say the country's "peak" is over and financial modernization is needed.

Source: CNBC; Forbes

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